Australia…1 Hour In…ASX Up 64 Points

By Scott Phillips | More Articles by Scott Phillips

– ANZ (-0.7%); 1H profit after tax $1.32bn, down 62%. On the dividend it said it will defer any decision until August when they hope to have a clearer picture on things. While the result is not a disaster it seems like the other Banks are more favoured right now. But it’s a moving feast……… CBA (+1%) NAB (+2.9%) WBC (+1%)

– Crown Resorts (+1%); had a few questions on this yesterday. Melco sold its stake @ $8.15 which means it lost $338m in just under a year. That’s according to my maths…..

– Fortescue (+4%); raised its guidance for annual iron-ore shipments following a record 3Q performance and its dividend policy will remain to payout 50-80%.

– GPT (+0.4%); March update – co remains in a “strong financial position” but conditions are too volatile to predict.

– Invictus Energy (+4%); have done a placement at a 40% PREMIUM to last sale. (disclaimer, author may have an interest in this Zimbabwe oil/gas explorer…)

– Mirvac Group (+2.4%); in its 3Q update said there is still some way to go before the co understands full extent of the impact of the virus. Said they have plenty of cash on hand.

– National Australia Bank (+2.9%); ex div 30c tomorrow. If you took stock in the offering earlier this week you can sell that stock (purchased @ $14.15) from tomorrow. Of course you don’t get the div.

– Newcrest (TH); have announced a $1.1bn institutional placement @ $25.60 (7% discount to last sale) and a $100m SPP.

– Qube (TH); announced a $500m capital raising.

– Woolworths (-1.5%); 3Q sales were up 10% (less than Coles) but so were costs. Costs are expected to continue (they have hired 22,000 temporary employees) and sales were difficult to predict going forward.

A number of retailers have reported Q sales in the last few days. Forget the financials, here are the stats that show who we are. Let’s forget toilet paper and pasta, are you “normal” ?…….

– There has been a 520% increase in beauty product sales (hair colouring esp) and a whopping 600% rise in skincare purchases. Sales of slippers have surged 800%.

– There has been a 170% increase in sales of cooking appliances, coffee machines and mixers.

– There has been a fall in sales of toothpaste (!), gum and mints.

So, if you are reading this at home, you should have sparkling skin and hair, wearing your fluffy slippers while sipping on an Almond Milk decaf macchiato with a cinnamon stick swizzle perhaps (you know who you are) with a nice Minestrone Soup stewing and crusty bread being baked in the kitchen. But your breath smells like…

Scott Phillips

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association.

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